Core Insights - Comerica has decided to merge with Fifth Third Bancorp, marking a significant move in the banking sector with a deal valued at nearly $11 billion, the largest bank acquisition announcement of the year [1][9] - The merger was initiated by a phone call from Comerica CEO Curt Farmer to Fifth Third CEO Tim Spence on September 18, 2023, indicating Comerica's interest in selling [2][3] - The deal is expected to close in the first quarter of next year, pending regulatory approval and a review by the U.S. Department of Justice's antitrust division [4] Company Details - Fifth Third Bancorp aims to expand its presence in high-growth markets like Texas through this acquisition, while Comerica seeks to address funding pressures and balance sheet challenges [5] - Comerica's CEO, Curt Farmer, will transition to the role of vice chair at Fifth Third, with an annual compensation of $8.75 million and deferred compensation of $10.63 million [6][7] - Fifth Third has agreed to retain Peter Sefzik, Comerica's chief banking officer, as its head of wealth and asset management, although no other compensation agreements have been established with Comerica executives [8]

This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Newark, Ohio-based Park National Corp. will acquire Dyersburg, Tennessee-based First Citizens Bancshares (not to be confused with First Citizens in neighboring North Carolina) in a roughly $317.3 million deal that’s expected to close in the first quarter of 2026, the banks said Monday. The transaction would create an entity with roughly $12.5 billion in assets, $10.5 ...

Financial Data and Key Metrics Changes - Adjusted net income increased 48% year over year to $45.2 million or $0.52 per share [5] - Organic deposits grew $212 million or 7% annualized, including $80 million in non-interest-bearing deposits [5][16] - Net interest income was $133.5 million, a 5% increase from the prior quarter, and net interest margin expanded 3 basis points to 3.32% [5][8] - Tangible book value per share increased 9% year over year to $17.61 [6][16] - Tier-one capital ratio is 14.5%, and tangible common equity to tangible assets ratio is 9.8% [6][16] Business Line Data and Key Metrics Changes - Wealth management achieved a record-breaking quarter with $258 million in new assets under management (AUM) [9] - Non-interest income, excluding securities activity, was $24.7 million, a 5% increase from the prior year quarter [9] - Non-interest expense increased to $102 million, including $10.8 million in merger-related expenses [10] Market Data and Key Metrics Changes - Loan outstandings, excluding the impact of the Heartland acquisition, increased at an annualized 8% [11] - The pipeline increased 30% to $1.2 billion, indicating strong demand across markets [11] - Customer transaction accounts represent 48% of total deposits, highlighting a relationship-focused approach [14] Company Strategy and Development Direction - The company is focused on organic growth and profitability goals while integrating recent acquisitions [17] - The Villages acquisition is expected to enhance liquidity and provide significant growth opportunities [3][17] - The company aims to maintain a disciplined credit culture while expanding its loan portfolio [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth outlook and ability to deliver improvements and returns into 2026 [4][17] - The company anticipates continued high single-digit organic loan growth in the coming quarters [11] - Management noted that credit spreads are tight, but they are navigating the competitive landscape carefully [77] Other Important Information - The technology conversion for the Heartland acquisition was completed in Q3, and the Villages conversion is planned for early Q3 2026 [7][38] - The company has limited exposure to shared national credits or non-depository financial institutions [15] Q&A Session Summary Question: Growth outlook and pipeline momentum - Management highlighted impressive growth despite recent acquisitions and expressed confidence in maintaining high single-digit growth moving forward [22][24] Question: The Villages acquisition update - Management reported a smooth integration process and strong reception in the Villages market, with plans for extensive customer engagement [37][40] Question: Loan pricing and spreads - Management noted that credit spreads are tight and competitive, but they are being cautious in their approach [75][77] Question: Future investments and technology - Management confirmed ongoing investments in technology and infrastructure to support growth and enhance customer offerings [45][46]

This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. FirstSun Capital Bancorp has landed on its next West Coast target. The Denver-based financial services firm – and its Dallas-based subsidiary Sunflower Bank – will acquire First Foundation and its Irvine, California-headquartered bank in a roughly $785 million deal, the companies announced Monday. The transaction, set to close early in the second quarter of 2026, wil ...

Core Insights - Huntington Bank is targeting approximately $365 million in pre-tax cost synergies from its integration with Cadence Bank, aiming for a 30% reduction in non-interest expenses by 2027 [2][3] - The integration process is described as well-mapped and highly confident, with no branch closures planned, indicating a transformational opportunity for the combined entity [3][4] - The acquisition of Cadence, alongside the recent acquisition of Veritex, positions Huntington Bank strongly in Texas, where it aims to capture significant market share [5][8] Company Strategy - The integration of Cadence and Veritex is expected to enhance Huntington Bank's footprint in Texas, specifically in Dallas and Houston, where it will rank fifth in market share [8][9] - The company is focused on organic growth, having achieved record growth in the third quarter and maintaining optimism for continued growth into the next year [7][9] - Huntington Bank is already the number one SBA lender in Texas, with $5 billion in loans, and aims to leverage this position for further economic growth [13][14] Industry Outlook - The current administration is seen as constructive for business generation, suggesting a potential increase in mergers and acquisitions within the banking industry, though not expected to lead to a flood of activity [10][11] - The appeal of expanding in Texas is attributed to significant population migration and economic growth, positioning Huntington Bank favorably in a rapidly growing market [12][13]

Cornerstone Capital Bancorp, a one-time independent mortgage banker that acquired a depository, has agreed to purchase another bank, Peoples Bancorp of Lubbock, Texas.Terms of the transaction were not disclosed. "With one of the strongest capital positions in our markets and a deep base of low-cost core funding, we are well positioned for meaningful organic growth," Scott Almy, president and CEO of Cornerstone, said in a press release.In a deal announced in June 2021 and closed in October of the following ...

This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Grupo Mexico, the mining and transportation conglomerate that once was considered a front-runner to buy Banamex from Citi, has made the bank a fresh offer, according to a securities filing Friday seen by Reuters and Bloomberg. The conglomerate, controlled by Mexican billionaire Germán Larrea, would buy 25% of Banamex at 85% of its book value, and the remaining 75% at ...

Core Viewpoint - Prosperity Bancshares, Inc. has announced a definitive merger agreement to acquire Southwest Bancshares, Inc. and its subsidiary Texas Partners Bank, aiming to expand its presence in Central Texas, particularly in the San Antonio area [1][6]. Company Overview - Prosperity Bancshares, Inc. is a regional financial holding company based in Houston, Texas, with total assets of approximately $38.417 billion as of June 30, 2025 [8]. - Southwest Bancshares, Inc. operates Texas Partners Bank, which has total assets of $2.4 billion, total loans of $1.9 billion, and total deposits of $2.1 billion as of June 30, 2025 [2][11]. Merger Details - Under the merger agreement, Prosperity will issue 4,062,520 shares of its common stock for all outstanding shares of Southwest common stock, valuing the total consideration at approximately $268.9 million based on Prosperity's closing price of $65.97 on September 29, 2025 [3]. - The merger has been unanimously approved by the Boards of Directors of both companies and is expected to close in the first quarter of 2026, pending shareholder and regulatory approvals [6]. Management Integration - Key executives from Texas Partners Bank, including Brent Given and Tom Moreno, will join Prosperity Bank in senior management roles, ensuring continuity in leadership [4][5]. - Gene Dawson, Jr., Interim Chairman and CEO of Southwest, will join the Board of Directors of Prosperity Bank post-merger [5]. Strategic Rationale - The merger is aimed at enhancing Prosperity's footprint in the fast-growing San Antonio and Hill Country areas, with plans to operate ten banking centers in the San Antonio area and expand into additional Texas locations [6]. - Texas Partners Bank's customers will gain access to Prosperity's extensive network across Texas and Oklahoma after operational integration [6].

Transaction Overview - Heritage Financial Corporation (NASDAQ: HFWA) 将收购 Olympic Bancorp, Inc，后者是 Kitsap Bank 的控股公司[10] - 交易总价值约为 1.766 亿美元[21] - 预计交易将于 2026 年第一季度完成[21] Financial Impact - 预计 2027 年每股收益 (EPS) 增长 18%[11] - 内部收益率 (IRR) 为 20%[11] - 有形账面价值 (TBV) 回收期为 3 年[11] - 预计 2026 年成本节约 810 万美元，2027 年成本节约 1870 万美元[22] Balance Sheet and Deposit Information - Kitsap Bank 的总资产为 17 亿美元，总存款为 14 亿美元[11] - Kitsap Bank 的存款成本为 1.09%[11] - 合并后的公司预计总资产为 88 亿美元，总贷款额为 57 亿美元，总存款额为 72 亿美元[11] - Kitsap Bank 的不良资产 (NPAs) 与资产之比为 0.01%[11] - Kitsap Bank 的 83% 存款为非 CD 存款[13] Market Position - 合并后，HFWA 将成为 Puget Sound 地区领先的社区银行[13] - Kitsap Bank 在 Kitsap 县（Bremerton-Silverdale-Port Orchard MSA）拥有第一的市场份额，该市场存款额为 43 亿美元[13] - 合并后的 HFWA 资产将达到 90 亿美元，成为华盛顿州最大的银行[13]

Group 1 - BBVA has revised its acquisition offer for Banco Sabadell, increasing it by 10% to one new BBVA share for every 4.8376 Banco Sabadell shares [1] - The new offer values Banco Sabadell shares at €3.39 per share, marking the highest valuation in over a decade, and has increased by 60% since April 2024, from €12.2 billion to €19.5 billion [2] - BBVA CEO Onur Genç highlighted that Banco Sabadell shareholders accepting the offer will benefit from a bank with higher growth potential, achieving 41% higher earnings per share [3] Group 2 - The approval of the improved offer by the Spanish securities commission CNMV is pending, after which the take-up period will recommence [4] - BBVA Chair Carlos Torres Vila emphasized that the improved offer presents a historic valuation and price, allowing shareholders to participate in the value generated by the integration [4] - Banco Sabadell's board previously advised shareholders to reject BBVA's initial offer, citing undervaluation concerns, and a minimum three-year waiting period for consolidation has been stipulated by the Spanish government [5]